£56 Million To Help Cultural Organisations Build Endowments

£56 Million To Help Cultural Organisations Build Endowments
In these times of austerity, the Parliamentary Information Office of the Parliamentary
Yearbook is currently following closely the arrangements for the funding of arts and
heritage organisations...
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£56 Million To Help Cultural Organisations Build Endowments
In these times of austerity, the Parliamentary Information Office of the Parliamentary
Yearbook is currently following closely the arrangements for the funding of arts and
heritage organisations for a major feature in the next edition
In July last year Culture Secretary Jeremy Hunt announced the creation of a new £55 million
scheme, chaired by former Cabinet Minister Michael Portillo, to help arts and heritage
organisations secure their future financial stability by building endowment funds.
Organisations will be able to bid for grants of up to £5 million to support endowment
fundraising from the Endowment Fund, which will be available to match funds raised from
private donors.
Bids will be reviewed by an independent advisory panel chaired by Michael
Portillo.
Around 50 organisations were expected to benefit from the grants which start at
£500,000.
Endowments are typically large funds held in perpetuity by organisations, h
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